A racy photo of Arnold Schwarzenegger engaging in a sexual act has reportedly been found in an old storage locker, according to TMZ. The photo is part of a group of items found in Penthouse founder Bob Guccione’s collection, the website reported.

Just imagine: You're a wealthy hedge funder on the lookout for the remaining artifacts from an opulent publisher's estate. Among the artifacts you discover are unreleased nude photos of Madonna, pictures of Arnold Schwarzenegger having sex and correspondence with the Unabomber. What do you do next?

That's the question Jeremy Frommer is reportedly facing. Frommer is the former managing director of Royal Bank of Canada and the newfound proprietor of a host of celebrity goods that anyone would clamor to get their paws on.

The items in question were discovered when Frommer nabbed a series of Englewood, N.J., storage spaces where Penthouse founder and publisher Bob Guccione stored his treasures, according to the New York Post. Among the uncovered items were:

Unreleased nude photos of Madonna and model Lauren Hutton (including negatives) Correspondence with Dick Cheney, the Unabomber and a woman claiming to be Fidel Castro's lover Footage and artifacts from Guccione's controversial 1979 pornographic film "Caligula" Guccione's personal file, including information about publishing nude photos of then-Miss America Vanessa Williams and a takedown of televangelist Jimmy Swaggart A photo of a young Arnold Schwarzenegger apparently performing a sex act Mock-ups of ad campaigns attacking Hugh Hefner and his Playboy enterprise 63 oil paintings and other works by Guccione Numerous shots of Penthouse Pets Amateur submissions for the magazine Documented plans for the proposed Penthouse Boardwalk Hotel and Casino Personal good including jewelry, a camera, journals and appointment books

Frommer has partnered with producer Rick Schwartz, who has worked on such movies as "Black Swan" and "The Departed," to preserve Guccione's legacy and potentially launch an exhibit centering on the unearthed items.

Guccione was the publisher of Penthouse for 38 years, since its beginnings in 1965. With a net worth of $400 million, Guccione was listed in 1982 as one of the Forbes 400 wealthiest people alive. Penthouse declared bankruptcy in 2003, leading Guccione to resign. He died of cancer in 2010.

I just heard on a gossip show that the person with the "dirty pic" is asking $$$$$ directly to Arnold before going forward with it, but no answer from Arnold...the picture is supposed to be Arnold "during the London years" so that was before the Weider era..... just rumors though.

Stallone's PR people probably released this info so people stop talking about Stallone abusing his half sister.lol

that was from 1987, before rambo 3, there is some truth to it, but i think the media have blown it up, she even attended the Rocky balboa premiere. shes dead now. she was pretty too. Stallone even cast her son in copland, this was the same son who lashed out at stallone saying he didnt care about his family, and jennifer flavin was tearing him apart from his sons..i assume sly looked after his family.